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SHIB climbs – Gets major exchange listing with OKEx

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SHIB drops 40%

Shibcoin investors have a new way to trade the crypto.

Trading platform OKEx is the first to list SHIB, the first native crypto asset of the Shiba network. 

It comes as the digital currency dropped by 40%, but then recovered as investors sold Bitcoin after Elon Musk’s decision to suspend Bitcoin payments for Tesla vehicles.

Deposits of SHIB opened over the weekend, and the token can now be traded against USDT – a stablecoin.

SHIB, also known as a “meme coin,” is emerging as a top 30 cryptocurrency by market capitalisation.

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The founders put away 50% of the total SHIB supply in Uniswap.

The rest were burned in honor of Vitalik Buterin, one of the co-founders of Ethereum.

Shiba to list on OKEx

Welcoming Shib

SHIB is the first cryptocurrency token to be listed and incentivised on ShibaSwap — the Shiba Inu project’s own decentralized exchange.

“We are pleased to welcome Shiba Inu to the OKEx platform..”

“As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers.”

“The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development.”

“We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts,” said OKEx CEO Jay Hao.

About OKEx

OKEx is a world-leading cryptocurrency spot and derivatives exchange that offers some of the most diverse and sophisticated products, solutions and trading tools on the market.

Trusted by millions of users globally, we believe that cryptocurrency will reshape our money and society, enabling all people to live with dignity and freedom.

With our extensive range of crypto products and services, and our unwavering commitment to innovation, our mission is to promote and advance cryptocurrency globally.

Business

Management shake up at under fire Qantas

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There’s been a management shake up at Australia’s flag carrier airline Qantas, which has come under fire for cancellations and delays

Jetstar CEO and longtime Qantas executive Gareth Evans has resigned.

He was touted as a potential replacement for controversial Qantas CEO Alan Joyce.

Gareth Evans has been with Qantas for 23 years.

He has been chief of Jetstar since 2017, but has worked across the group and has now “decided this is the right moment to move on”.

This comes as the aviation grapples with the higher fuel prices and staffing issues at airports that are affecting much of the industry globally.

Strong demand

Qantas has also updated the market, saying it’s on track to record second half earnings of just over 500 million dollars.

Underlying profit is set to return in FY23, while debt levels are now well below pre-pandemic levels.

Qantas says this is due to continued strong domestic and international travel demand.

Qantas has come under fire for long delays and cancellations
Qantas has come under fire for long delays and cancellations

After peaking at more than $6.4bn at the height of the pandemic, net debt is expected to fall to around $4bn by June 30, an improvement of around $1.5bn in the past six months.

The airline has come under sustained pressure, with many passengers complaining about long queues, cancellations and delays.

Qantas is calling for patience ahead of the winter school break rush as it hires more staff to manage increased demand at airports.

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Business

Nike to fully exit Russia

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U.S. sportswear maker Nike is making a full exit from Russia, three months after suspending its operations there, the company said in an emailed statement Thursday

The sportswear giant had said back in March that it would suspend operations at all the stores it owns or operates there.

On Thursday (June 23) the firm said it would leave the country altogether.

In a statement, Nike said it would scale down over the coming months.

The move is largely symbolic for the company, which gets less than 1% of its revenue from Russia and Ukraine combined.

It says any stores that are still open there are run by independent partners.

In May, Russian media reported that Nike had not renewed agreements with Inventive Retail Group, its largest franchisee there.

Now the full exit lputs Nike in line with other major western brands such as McDonald’s and Google.

Foreign companies seeking to leave face the prospect of new laws being passed that will allow Moscow to seize assets and impose criminal penalties.

That has prompted some businesses to accelerate their departure plans.

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Business

U.S. orders vape company Juul to cease sales

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Juul has been an industry leader in the vaping sphere since its establishment in 2015, controlling 75 per cent of America’s market by its third year of operations.

This is just the latest crackdown on the Tabacco industry by the Biden administration, all part of a sweeping effort to regulate the sector after years of delay.

The White House has also announced a rule to establish a maximum level of nicotine in tobacco products in an attempt to make them less addictive.

After a nearly two-year-long review, the FDA said Juul submitted insufficient and conflicting data to show that its e-cigarettes met public health standards.

The regulator also said the findings raised “significant questions,” including whether potentially harmful chemicals could leach out of Juul pods.

The decision potentially deals a fatal blow to the once high-flying San Francisco company.

Juul did not immediately respond to a Reuters request for comment.

The FDA had to judge whether Juul’s products, which have been sold for years without being officially authorized by the agency, were effective in getting smokers to quit and, if so, whether the benefits to smokers outweighed the potential health risks to new e-cigarette users, including teenagers.

“They prey on children.”

Democratic Senator Dick Durbin hailed the decision by the FDA on Thursday, but said “they’re in for a legal battle for sure.”

Earlier this week, the Biden administration said it also plans to propose a rule establishing a maximum nicotine level in cigarettes and other tobacco products to make them less addictive.

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